Biometric technology has been reshaping the conventional methods of identification & verification. However, the industry is dominated by the public sector. Would the dominance of the public sector to continue in the next decade, and what would be the market size of the global biometric authentication and identification industry.
KnucklesLevel 1
What is the current market size of the global biometric authentication and identification industry?
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Tatiana
The biometric authentication and identification are still in a nascent stage in the context of what is set to come in the coming decades. The technology is currently used in the public sector, automotive, manufacturing, construction, etc. Smartphone and tablets have boosted the technology and opening new opportunities for its applications. Indeed, it has started reducing frauds and thefts.
However, as we move more towards automation and connectivity, biometric authentication and identification will play a pivotal role. Currently, the government sector is assessed to be the largest sector in the market, followed by the financial industry.
According to some estimate, the market is expected to reach around $20 billion in 2019 and expected to be more than doubled over the next five years. The fingerprint sub-sector is expected to continue to be the main submarket over the next five years, accounting for almost half of the market size. Facial, voice and eye would be some other leading sub-sectors. The public sector will continue to be the leading player in the market, though its market share to be shrinking as the market expands.